O‘ahu Single-Family Home and Condo Market Sales Steady in October
Condo market marks first year-over-year sales increase since January, while single-family homes sales are nearly flat.
According to resales figures released today by the Honolulu Board of REALTORS®, O‘ahu single-family home sales dropped by 0.6%, while condo sales marked a 1.7% increase compared to the same period last year. The modest jump in sales activity is the first year-over-year sales increase for the condo market since January.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
*Median price means half the prices were above and half below the given price.
**Condominiums also includes townhomes.
“The O‘ahu real estate market has remained competitive even amid the pandemic as the lack of inventory paired with low interest rates continue to drive demand,” said Tricia Nekota, president, Honolulu Board of REALTORS®. “While virtual home tours, scheduled showings and enhanced health and safety protocols have allowed us to continue serving buyers and sellers, the stats clearly indicate the ongoing need for more housing inventory.”
The median sales price for single-family homes was up 10.9% at $865,000 compared to last year, slightly less than last month’s record-setting median of $880,000. Single-family homes that sold last month spent a median of 10 days on market. New listings were down 17.6% compared to October 2019, but marginally higher than September 2020 at 3.3%.
The greatest shift in single-family home sales occurred in the $600,000 to $699,999 price range, with a 56.8% decrease in sales and a 52.3% drop in new listings compared to last October. The most sales increases occurred in the $800,000 to $1,199,999 range, with sales up 39.2%. Over 50% of the sales that occurred above asking price were in the $700,000 to $899,999 price range.
In addition to seeing year-over-year growth in sales, new condo listings also saw a small increase of 1.7% compared to last year. The largest increase in new listings, at 18.5%, occurred in the $500,000 to $599,999 price range. Condo sales in the $400,000 to $499,999 price range increased by 30.2% with 112 closed sales compared to 86 last year, while 63% of condos sold above asking price were in the $400,000 to $599,999 range. Condos spent a median of 18 days on market.
Yet another sign of the competitive market, the number of single-family homes sold above asking price more than doubled from last year, while the number of condos sold above asking price increased by 63.9%. Properties are spending a median of fewer than 20 days on market.
“Now more than ever, it helps to have an expert who is able to navigate this competitive real estate market,” added Nekota. “REALTORS® can help buyers and sellers understand the nuances of the local market, identify the unique opportunities and guide them through the process of buying or selling a home.”
In accordance with Tier 2 of Mayor Caldwell’s Honolulu Recovery Framework, REALTORS® continue to host modified in-person open house showings, which are limited to no more than five people in a home at any given time. As an essential business, real estate remains open with modifications, and REALTORS® continue to serve the housing needs of their clients, buyers, sellers, and landlords while observing social distancing, wearing a mask and utilizing heightened sanitation practices.
The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers have the ability to browse Oahu single-family home and condominium listings, available for sale and for rent, and to see a comprehensive guide of homes that will be open to visit this Sunday. All searches can be done by geographic location and/or price range, and hicentral.com provides useful information about buying and selling real estate in Hawaii.